Earning a degree or attaining a license during a marriage results in the creation of a property interest that will be valued and divided at the time of divorce.
Pursuant to Domestic Relations Law § 236(B)(1)(c), marital property is defined as “property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held.”
In an action for divorce, the Supreme Court has the power to “equitably distribute” the value of educational degrees and professional licenses that are obtained during the course of the marriage. Although in some cases and educational degree that not grant a spouse the right to engage in a particular profession, it may still constitute a marital property subject to equitable distribution. In O’Brien v. O’Brien, 66 N.Y.2d 576 (1985), the Court of Appeals determined that a professional license can constitute marital property subject to equitable distribution to the extent that it is acquired during the marriage.
The value of a spouse’s educational degree and/or professional license can be determined through the use of expert testimony. If the parties proceed to trial and one must prove the value of the other spouse’s educational degree or professional license, the expert witness must submit a written report to the Supreme Court detailing his or her opinion at least sixty (60) days prior to trial.
